Tredegar Corporation’s Bonnell Aluminum subsidiary will close its plant in Kentland, Indiana.

Tredegar said that the plant had been operating at a loss for the past several years. The closure expected to be completed by September 30th 2012 will affect 146 employees.

Tredegar, a Richmond based aluminum extrusion and plastics films manufacturer, will recognize shutdown charges of about USD 8 million including a depreciation of fixed assets and severance related charges.

Mr Duncan Crowdis president of Bonnell Aluminum said that “While the employees have made an exceptional effort to help weather the current construction recession, prospects for a significant recovery in Kentland’s core market, residential building and construction, now appear to be well into the future. Eligible employees will be offered severance and outplacement services.”

(Sourced from www.virginiabusiness.com)